If you've never taken out a credit card, didn't use student loans, and have only bought cars after saving up for them, you may feel very financially responsible (and you are!). Unfortunately, however, your credit report doesn't reflect that fact. If you haven't taken out loans, you are in a situation called having "no credit".

In some cases, "no credit" can be almost harder to deal with than "bad credit". Luckily, there are options. To boost your chances of getting a mortgage with no credit, check out these tips.

1. Build Up Your Credit

If you've got time on your side, you may want to build up your credit. The classic option is to take out a credit card, spend about a third of the balance, and then pay it on time every month.

Financial experts disagree on whether you should pay off the full balance each month or leave a slight balance on there. If you're working with a mortgage broker, you may want to ask what option they think will help the most.

In lieu of a credit card, consider a store card. They are often easier to get. There are also secured cards that almost anyone can get. Basically, you send them money to secure the debt, and when you charge funds, it comes out of that savings, but it reflects on your credit report as if you have a regular credit card.

2. Consider a Nontraditional Merged Credit Report

A credit report is a report created by FICO. It includes all kinds of information about the loans you have taken out, but as indicated above, if you haven't taken out loans, there won't be info on your FICO report.

Luckily, some lenders will take a nontraditional merged credit report. This is a report generated by a different company than FICO, and it takes information from other sources. For example, it may include details about whether or not you paid utility bills, rent, or insurance late. If you have consistently paid bills on time, that can help you obtain a mortgage.

3. Look for a No Credit Mortgage Lender

To boost your chances of obtaining a mortgage, you may also want to look for a no credit mortgage lender. These lenders specialize in working with clients who don't have extensive credit histories. They are often willing to take supplement details such as nontraditional credit reports, bank account details, income verification, and similar proof of your creditworthiness.

For more information on no credit financing in your area, click here!